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FS-2022-38, October 2022 — Most people take up hobbies for personal enjoyment, not to make a profit. Sometimes, however, the line between hobbies and businesses isn’t clear cut. There are several different factors people should consider when making the determination and the IRS provides resources to help.

Tax Tip 2022-106, July 13, 2022 — From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return.

Tax Tip 2023-61, May 3, 2023 — Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.

Tax Tip 2024-55, June 5, 2024 — Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.

Tax Tip 2022-57, April 13, 2022 — A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit.

Use Form 1099-K with your other records to help figure and report your correct income on your tax return. Find out what to do if the form is incorrect or if you shouldn’t have received it.

IR-2022-98, May 2, 2022 — During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the Small Business Administration theme for this year’s celebration: “Building a Better America through Entrepreneurship.”

IR-2023-93, April 28, 2023 — As part of National Small Business Week, April 30 to May 6, the Internal Revenue Service is highlighting tax benefits and resources to help those looking to start a business.

IR-2024-123, April 26, 2024 — The IRS today offered helpful information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week, celebrating and recognizing the crucial contributions America's small businesses make to the nation's economy.

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